Israeli-owned Hap Investment buys Manhattan lot for $51m

Hap Investment says that the lot in Chelsea has building rights for a 15,000-square meter 21-storey residential and office building.

Hap Investment Developers LLC, owned by Israeli businessmen Eran Polack, Amir Hasid, and Nir Amsel, has bought a lot in Chelsea in Manhattan for $51 million. The company said that the finance came from equity and from investors. The 1,000-square meter lot, bought from private individuals, is at West 28th Street, between Seventh Avenue and Eighth Avenue. It is close to the Fashion Institute of Technology, the Google Building, and the Verizon Building.

Hap Investments says that the lot has building rights for a 15,000-square meter 21-storey building, including 1,250 square meters of commercial and office space. The rest of the building is zoned for 120 apartments ranging in size from 50 square meters to 120 square meters. Amsel says that apartment prices in the project, which will be called Hap Eight NY, will be $20,000 per square meter. He added that it is permitted to consolidate apartments on the building's upper floors. The company believes that it will obtain a building permit in six months, and that the project will be completed in three years.

Hap Investments is currently building 550 apartments in investment projects in Manhattan. Hasid says, "Chelsea has been undergoing planning changes in recent years from industry, including parking garages and nightclubs, to residences. This process is reflected in the mix of businesses in the area to include more trendy restaurants, shopping sites, and reputable galleries, as well as demand."

Hap Investments recently announced that it had completed the sale of apartments in the Hap Six Diamond building on the border between East Harlem and the Upper East Side in Manhattan. All the apartments were sold to Israeli investors. The company has also sold 30 apartments in its Hap Three NY project, and that residents have started to move into the Hap One NY project on East 117th Street between First Avenue and Pleasant Avenue.

Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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